Quote on Market Wrap Up 06th Aug 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Below the Quote on Market Wrap Up 06th Aug 2025 by Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices continued with weak momentum. The Nifty ends 75 points lower, while the Sensex was down by 166 points. Among sectors, most of the leading sectoral indices registered intraday profit booking at higher levels, but the Pharma Index lost the most, shedding 2 percent. Technically, the market is still holding a lower top and, on daily charts, has created a small bearish candle, which is largely negative.
We believe that the short-term market outlook is weak but oversold. On the downside, 24,500/80300 continues to be a promising support zone, while 24,700/81000 would act as a crucial resistance area for the bulls. Above 24,700/81000, the pullback is likely to continue up to 24,850–24,900/81500-81600. Conversely, a decline below 24,500/80300 could push the market down to 24,350–24,300/80000-79700.
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